Starbucks strikes solar deals in quest to become resource-positive

Starbucks (NASDAQ:SBUX) on Wednesday announced a variety of renewable energy-related projects and initiatives that should help the US coffee company achieve the just confirmed environmental goals it set for itself.

In a drive to become a “resource-positive company”, Starbucks has signed a couple of “virtual” contracts for the procurement of solar power. In Virginia, it inked a virtual power purchase agreement (VPPA) with a solar farm in order to offset half the electricity consumption of its operated roasting and beverage production sites in the US by 2022.

Subscribe for Renewables Now's Corporate PPA Newsletter here for free!

In California, Starbucks has entered into a VPPA, and also a virtual storage agreement (VSA), to source solar power for over 550 stores. According to a separate statement, these contracts are for a portion of the huge Edwards & Sanborn project. Also in California, the company now has its first on-site solar installation.

Meanwhile, Starbucks is investing some USD 97 million (EUR 80m) in as many as 23 new community solar projects in New York State. These should power more than 24,000 homes, small businesses, non-profits, churches, universities and Starbucks Stores, it says.

And in one non-solar but renewables-related development, Starbucks has backed a 137-MW wind project in Southwestern Washington. The park will consist of 38 turbines and will supply electricity to about 140 company stores as well as its Kent Roasting Plant.

The objectives pursued by the company include a 50% reduction in greenhouse gas emissions in direct operations and value and supply chain; 50% of conserved or replenished water withdrawal for direct operations and coffee production; and a 50% cut in waste sent to landfill from stores and manufacturing. It unveiled these goals in January 2020 and confirmed them on Wednesday when it held its 2020 Biennial Investor Day.

(USD 1.0 = EUR 0.825)